Well-run law firms centralise control of inventory and receivables

24 Nov 2014

In last month’s column, I suggested that firms still struggling with the aftershock of the recession need to get back to the basics by embracing goals and controls. Management should set goals for each lawyer and then monitor and enforce those goals; that process requires effort and diligence by the firm and hard work by the lawyers. On the other hand, controls may require a frontal assault on the heart of the law firm: its culture. The reward makes the effort worthwhile: goals result in greater productivity and a resulting higher inventory of billable time, while controls help to convert that inventory into dollars.

By definition, any well-run law firm control...

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